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Freshworks Inc. (FRSH) stock

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NASDAQ: FRSH Nasdaq Application Software Next results ~November 3, 2026

B Fundamentals grade

Freshworks Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$6.8

Cash-flow model

Base case. Range ~$5.7–$8.3 across our lower- and higher-growth cases (12%–22% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 52% below it.

Price used: $14.20, November 3, 2026

Freshworks Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 4 selling3 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds214 adding, 130 cuttingOf 56 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Freshworks files

Where Freshworks stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $904m, up 15.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 25.9% from 24.6% a year earlier. Operating margin widened to 3.3% from -10.4%. The diluted share count is down 5.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $6.99 a share, against a share price of $14.82.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Freshworks Inc.'s trailing-twelve-month revenue grew 15.6% year on year, with a free-cash-flow margin of 25.9%. Where it stands out: change in share count of -5.5% ranks 9 of 163 application software companies we cover.

Our discounted-cash-flow model values the business at ~$6.8 per share in the base case (~$5.7–$8.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 15.6% (-0.3pp vs the prior quarter), the 6th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.6% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Margins widening. Operating margin is up 13.8 points on a year ago.
  • Strong cash generation. 25.9% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 5.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $14.21 is 52% above our value per share of $7.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.6 against the S&P 500.
  • Heavily shorted. 12.7% of the shares available to trade are sold short (4.0 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.17 against an average estimate of $0.13: beat by 30.4%
Revenue
$237m, up 16.0% on a year earlier
Share reaction
-2.1% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue $244.5m to $245.5m (Third Quarter 2026); revenue $963.5m to $966.5m (Full Year 2026)
Next report
November 3, 2026; average EPS estimate $0.18

Freshworks' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week-4.7%
  • 1 month+11.1%
  • This year+16.0%
  • 1 year+27.0%
  • 5 years-64.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$904M
Operating margin
3.3%
Net margin
20.5%
EPS (TTM, diluted)
$0.65

Growth

Revenue growth
+15.6%
Change in growth rate
−0.3 pts
Share count change
−5.5%

Cash

Free cash flow (TTM)
$234M
FCF margin
25.9%
Stock pay % of revenue
14.1%

Earnings

Last results
August 4, 2026
Next results (est.)
November 4, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance
  4. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Freshworks Inc. valuation models and calculator

What the price is pricing in

The share price asks for more than 100% a year of cash-flow growth in our model.

  • Last 12 months15.6%
  • 3 years a year18.4%
  • 5 years a year19.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($14.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$6.8
Price used
$14.18close November 3, 2026
Implied change
▼ 52%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Freshworks Inc.'s free cash flow after stock-based pay with after-tax interest added back ($955,305, FY2026 Q2 TTM), growing 15% and 16% in the next two years (forecasts, guidance and its record), then back to 17% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$5.7–~$8.3 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Freshworks Inc.'s free cash flow after stock-based pay ( $955,305, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Freshworks Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$6.8 ~$5.7–$8.3 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$11 ~$9.5–$19 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.4 ~$6.8–$11 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Freshworks Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $2$2$2$3$3$3
8.5% $2$2$2$2$3$3
10% $2$2$2$2$3$3

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$26.26$14.71$23.49$16.17$12.25$14.21
Market value$3.4bn$4.2bn$6.9bn$4.9bn$3.6bn$4.0bn
+ Net debt (− = net cash)−$748m−$304m−$488m−$620m−$570m−$495m
Enterprise value$2.7bn$3.9bn$6.4bn$4.2bn$3.0bn$3.5bn
Multiples
Price / sales 9.2x8.4x11.5x6.8x4.3x4.5x
Price / earnings ————19.6x21.8x
Price / free cash flow n/m—81.9x32.1x15.2x17.3x
EV / EBITDA ————77.5x75.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Moderate moat

How hard Freshworks's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Cash operating profit has been a median 2.3% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 82.7%, moving by 2.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -17.1%; its worst year was -71.0%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 4 of 5 years, at a median 19.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $245m and EPS of $0.18 (range $0.18 to $0.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.67 +1% $965m +15%
Next $0.83 +24% $1.1bn +14%

Next year's EPS estimate has moved +4.1% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.2% on 90 days ago. In the last 30 days, 15 analysts raised Freshworks Inc.'s forecast and 0 cut it.

Consensus EPS forecast Freshworks Inc., last 90 days
$0.60 $0.70 $0.80 $0.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.62 Current fiscal year, 60 days ago: $0.67 Current fiscal year, 30 days ago: $0.67 Current fiscal year, 7 days ago: $0.67 Current fiscal year, Now: $0.67 $0.67 Next fiscal year, 90 days ago: $0.80 Next fiscal year, 60 days ago: $0.83 Next fiscal year, 30 days ago: $0.83 Next fiscal year, 7 days ago: $0.83 Next fiscal year, Now: $0.83 $0.83

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.62$0.80
60 days ago $0.67$0.83
30 days ago $0.67$0.83
7 days ago $0.67$0.83
Now $0.67$0.83

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.13 $0.17 +30.4%
Mar 2026 $0.11 $0.11 −2.2%
Dec 2025 $0.11 $0.14 +23.8%
Sept 2025 $0.13 $0.16 +25.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Revenue Full Year 2026 $964m to $967m Raised
    “Revenue (1) $244.5 - $245.5 $963.5 - $966.5” source
  • Year-over-year growth Full Year 2026 about 15% growth Raised
    “Year-over-year growth ~14% ~15%” source
  • Year-over-year growth (constant currency) Full Year 2026 14% growth to 15% growth Non-GAAP Raised
    “Year-over-year growth (constant currency) 14% - 15% 14% - 15%” source
  • Revenue Third Quarter 2026 $245m to $246m
    “Revenue (1) $244.5 - $245.5 $963.5 - $966.5” source
  • Year-over-year growth Third Quarter 2026 about 14% growth
    “Year-over-year growth ~14% ~15%” source
  • Year-over-year growth (constant currency) Third Quarter 2026 14% growth to 15% growth Non-GAAP
    “Year-over-year growth (constant currency) 14% - 15% 14% - 15%” source
Show 4 more items
  • Non-GAAP net income per share Full Year 2026 $0.66 to $0.68 Non-GAAP Raised
    “Non-GAAP net income per share (2) $0.18 $0.66 - $0.68” source
  • Non-GAAP net income per share Third Quarter 2026 about $0.18 Non-GAAP
    “Non-GAAP net income per share (2) $0.18 $0.66 - $0.68” source
  • Non-GAAP income from operations Full Year 2026 $222m to $228m Non-GAAP Raised
    “Non-GAAP income from operations (1) $59.0 - $61.0 $222.0 - $228.0” source
  • Non-GAAP income from operations Third Quarter 2026 $59m to $61m Non-GAAP
    “Non-GAAP income from operations (1) $59.0 - $61.0 $222.0 - $228.0” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Freshworks Inc.'s revenue by +15.0% next year and +16.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+14.3%, weight 56%) , management guidance (+14.3%, weight 19%) and the company's own record (+17.0%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy953%
Hold847%
Sell00%

Monthly trend

  1. Oct 202627817
  2. Sep 202627817
  3. Aug 202626816
  4. Jul 202626816

Counts of recommendations published by analysts covering Freshworks Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.7%
of tradable shares
Days to cover
4.03
at average volume
Short interest, 1 month
+32%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
8.2%
of shares
Employees
4,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.0%

$11.10 on October 31, 2025 to $14.21

ThenNowEffect
Revenue (last 12 months) $782m $904m +15.6%
P/S multiple 4.3x 4.5x +4.7%
Share count 300m 284m +5.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −25.2%

$19.00 on November 3, 2023 to $14.21

ThenNowEffect
Revenue (last 12 months) $545m $904m +65.9%
P/S multiple 10.1x 4.5x −55.8%
Share count 289m 284m +1.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
FRSH−44%+60%−31%−24%+16%
Industry peers (median)−50%+19%+2%−20%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
FRSH33%67%25%50%64%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
FRSH−59%−28%−54%−45%−44%
S&P 500−25%−10%−8%−19%−9%

Worst fall since September 22, 2021: 86% from October 29, 2021 to February 23, 2026. Getting back needed a 630% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.88 – $15.49
From 52-week high
−8.3%
vs 50-day average
+5.6%
vs 200-day average
+36.1%
Volatility (1 year)
50%
Beta vs S&P 500
0.59

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±7.6%
After a week
5 up, 7 down
typical move ±10.0%
After a month
6 up, 6 down
typical move ±14.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −2.1% +1.6% +1.7% +12.1%
May 5, 2026 −1.0% +2.2% −5.3% +6.8%
February 10, 2026 −15.4% −0.3% −14.0% −7.9%
November 5, 2025 −0.6% −0.7% +6.6% +17.6%
July 29, 2025 −3.1% −0.4% −3.9% −2.8%
April 29, 2025 +4.5% +0.7% +1.1% +6.1%
February 11, 2025 −2.7% −0.2% −3.6% −21.6%
November 6, 2024 +35.2% +3.3% +33.7% +33.5%
July 30, 2024 −6.1% +1.1% −16.2% −12.6%
May 1, 2024 −17.8% +0.6% −22.6% −27.8%
February 6, 2024 −2.4% +1.1% −4.2% −14.4%
October 31, 2023 −0.4% +1.7% +7.4% +13.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Freshworks Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Freshworks Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Freshworks Inc.
$500M $600M $700M $800M $900M $1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $569.5M Revenue (TTM), FY23 Q4: $596.4M Revenue (TTM), FY24 Q1: $623.9M Revenue (TTM), FY24 Q2: $652.9M Revenue (TTM), FY24 Q3: $686M Revenue (TTM), FY24 Q4: $720.4M Revenue (TTM), FY25 Q1: $751.6M Revenue (TTM), FY25 Q2: $782.1M Revenue (TTM), FY25 Q3: $810.6M Revenue (TTM), FY25 Q4: $838.8M Revenue (TTM), FY26 Q1: $871.2M Revenue (TTM), FY26 Q2: $903.9M $903.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $569.5M
FY23 Q4 $596.4M
FY24 Q1 $623.9M
FY24 Q2 $652.9M
FY24 Q3 $686M
FY24 Q4 $720.4M
FY25 Q1 $751.6M
FY25 Q2 $782.1M
FY25 Q3 $810.6M
FY25 Q4 $838.8M
FY26 Q1 $871.2M
FY26 Q2 $903.9M
Revenue growth, TTM YoY Freshworks Inc.
14% 16% 18% 20% 22% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 21.1% Revenue growth, TTM YoY, FY23 Q4: 19.8% Revenue growth, TTM YoY, FY24 Q1: 19.7% Revenue growth, TTM YoY, FY24 Q2: 19.9% Revenue growth, TTM YoY, FY24 Q3: 20.5% Revenue growth, TTM YoY, FY24 Q4: 20.8% Revenue growth, TTM YoY, FY25 Q1: 20.5% Revenue growth, TTM YoY, FY25 Q2: 19.8% Revenue growth, TTM YoY, FY25 Q3: 18.2% Revenue growth, TTM YoY, FY25 Q4: 16.4% Revenue growth, TTM YoY, FY26 Q1: 15.9% Revenue growth, TTM YoY, FY26 Q2: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 21.1%
FY23 Q4 19.8%
FY24 Q1 19.7%
FY24 Q2 19.9%
FY24 Q3 20.5%
FY24 Q4 20.8%
FY25 Q1 20.5%
FY25 Q2 19.8%
FY25 Q3 18.2%
FY25 Q4 16.4%
FY26 Q1 15.9%
FY26 Q2 15.6%
Operating margin (TTM) Freshworks Inc.
-40% -30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -33.5% Operating margin (TTM), FY23 Q4: -28.5% Operating margin (TTM), FY24 Q1: -24.7% Operating margin (TTM), FY24 Q2: -23.7% Operating margin (TTM), FY24 Q3: -22.6% Operating margin (TTM), FY24 Q4: -19.2% Operating margin (TTM), FY25 Q1: -15.5% Operating margin (TTM), FY25 Q2: -10.4% Operating margin (TTM), FY25 Q3: -6.2% Operating margin (TTM), FY25 Q4: 1.6% Operating margin (TTM), FY26 Q1: 1.8% Operating margin (TTM), FY26 Q2: 3.3% 3.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -33.5%
FY23 Q4 -28.5%
FY24 Q1 -24.7%
FY24 Q2 -23.7%
FY24 Q3 -22.6%
FY24 Q4 -19.2%
FY25 Q1 -15.5%
FY25 Q2 -10.4%
FY25 Q3 -6.2%
FY25 Q4 1.6%
FY26 Q1 1.8%
FY26 Q2 3.3%
FCF margin (TTM) Freshworks Inc.
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.5% FCF margin (TTM), FY23 Q4: 14.1% FCF margin (TTM), FY24 Q1: 18.1% FCF margin (TTM), FY24 Q2: 19.5% FCF margin (TTM), FY24 Q3: 21.1% FCF margin (TTM), FY24 Q4: 21.0% FCF margin (TTM), FY25 Q1: 22.4% FCF margin (TTM), FY25 Q2: 24.6% FCF margin (TTM), FY25 Q3: 26.3% FCF margin (TTM), FY25 Q4: 28.2% FCF margin (TTM), FY26 Q1: 27.4% FCF margin (TTM), FY26 Q2: 25.9% 25.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.5%
FY23 Q4 14.1%
FY24 Q1 18.1%
FY24 Q2 19.5%
FY24 Q3 21.1%
FY24 Q4 21.0%
FY25 Q1 22.4%
FY25 Q2 24.6%
FY25 Q3 26.3%
FY25 Q4 28.2%
FY26 Q1 27.4%
FY26 Q2 25.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 172 250 371 498 596 720 839 904
Gross profit 136 197 293 402 493 607 713 768
EBITDA −23 −45 −191 −222 −158 −119 39 47
Operating income −30 −56 −205 −233 −170 −139 13 30
Net income −31 −57 −192 −232 −137 −95 184 185
Diluted EPS −$8.21 −$21.03 −$21.73 −$0.82 −$0.47 −$0.32 $0.63 $0.65
Growth (year on year)
Revenue — +44.8% +48.6% +34.2% +19.8% +20.8% +16.4% +15.6%
Margins
Gross margin 78.8% 79.0% 79.0% 80.8% 82.7% 84.3% 85.0% 85.0%
EBITDA margin −13.6% −18.0% −51.6% −44.6% −26.5% −16.5% 4.7% 5.2%
Operating margin −17.2% −22.5% −55.2% −46.9% −28.5% −19.2% 1.6% 3.3%
Net margin −18.1% −22.9% −51.7% −46.6% −23.0% −13.2% 21.9% 20.5%
Free-cash-flow margin −11.4% 11.3% 1.6% −1.9% 14.1% 21.0% 28.2% 25.9%
Cash flow
Cash from operations −8 33 11 −3 86 161 242 247
Capital spending 12 4 6 7 2 9 6 13
Free cash flow −20 28 6 −10 84 151 237 234
Stock-based pay 0 43 173 208 211 217 147 128
Free cash flow after stock pay −20 −15 −168 −217 −127 −65 90 106
Balance sheet
Cash 75 95 748 304 488 620 570 495
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −75 −95 −748 −304 −488 −620 −570 −495
Diluted shares 76m 77m 131m 285m 293m 301m 294m 284m
Returned to shareholders
Buybacks — — — 0 0 14 386 367
Total returned — — — 0 0 14 386 367

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $902mLonger-term assets $589m
What it owes, and who funded it · $1.5bn
Short-term liabilities $533mLonger-term liabilities $62mShareholders' equity $896m
  • Short-term assets cover short-term liabilities $902m of assets due within a year against $533m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $902m short-term assets against $62m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Freshworks Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$367M
Returned to shareholders
157%
of free cash flow
Buybacks, last 3 fiscal years
$400M
Diluted share count
−5.5%
year over year
Total shareholder yield
9.4%
dividends 0.0% + buybacks 9.4% of market value
R&D spending
19.5%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated FRSH COUR CXM BAND QTWO RPD Median
Revenue, last 12 months $904m $885m $873m $870m $870m $856m $482m
Revenue growth, last 12 months 15.6% 22.7% 6.3% 15.1% 13.1% 0.1% 12.0%
Revenue growth, 3-year average 18.4% 15.1% 9.0% 13.7% 12.6% 5.3% 11.1%
Revenue growth, latest quarter 16.0% 59.6% 0.8% 22.0% 11.9% −1.5% 11.9%
Gross margin 85.0% 55.9% 65.6% 36.7% 58.4% 69.3% 69.2%
Operating margin 3.3% −17.8% 5.3% −1.3% 12.4% 1.2% 1.1%
Operating margin, 3-year average −10.3% −16.1% 4.7% −2.3% 2.2% 1.6% −0.8%
Net margin 20.5% −15.4% 2.7% 1.0% 12.7% 2.4% 2.1%
Cash from operations / revenue 27.3% 3.9% 14.8% 13.1% 28.2% 17.9% 18.2%
Free-cash-flow margin 25.9% 3.8% 14.6% 11.1% 26.8% 16.9% 15.0%
Free-cash-flow margin, 3-year average 23.3% 10.4% 14.2% 9.1% 22.5% 17.9% 16.2%
Stock pay / revenue 14.1% 12.1% 9.4% 5.7% 9.3% 10.4% 9.3%
Change in share count −5.5% 14.7% −6.6% 21.2% −4.6% 18.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 15.6% 12.0% 74 of 184
Change in growth rate Growth -0.3pp +0.2pp 111 of 184
Gross margin Profitability 85.0% 69.8% 14 of 160
Operating margin Profitability 3.3% 1.1% 80 of 181
Net margin Profitability 20.5% 2.1% 29 of 185
Free-cash-flow margin Cash generation 25.9% 15.2% 48 of 180
Stock pay as % of revenue Cash generation 14.1% 9.3% 125 of 177
Change in share count Balance sheet -5.5% 1.7% 9 of 163
Days sales outstanding Balance sheet 56 days 57 days 77 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscription Services Software Licenses and Maintenance $829M 98.9% ▲ 16.7%
Professional Services $9.4M 1.1% ▼ 2.8%
Geography
Region Revenue YoY
North America $391M ▲ 18.4%
United States $354M ▲ 20.3%
EMEA $325M ▲ 16.8%
United Kingdom $114M ▲ 20.6%
Asia Pacific $100M ▲ 9.6%
Geographical Other Than North America Europe Middle East Africa and Asia Pacific $23.2M ▲ 9.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Freshworks Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.1B
Institutions reporting
341
Shares held vs prior quarter
▲ 0.4%
Positions opened / closed
67 / 56

Top buyers and sellers, Q2 2026: 214 institutions bought and 130 sold ; the biggest buyer was Haveli Investment Management LLC (+8.2M shares) and the biggest seller Peak Xv Partners Operations LLC (−8.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $198M 19.6M 9.3% ▲ 15.1%
Alphabet Inc. $164M 16.2M 7.7% 0.0%
Vanguard Portfolio Management LLC $161M 15.9M 7.6% ▲ 2.4%
AQR Capital Management LLC $111M 11.0M 5.2% ▲ 131.0%
Vanguard Capital Management LLC $106M 10.5M 5.0% ▲ 1.1%
Haveli Investment Management LLC $83M 8.2M 3.9% New
Westbridge Capital Management, LLC $79.5M 7.9M 3.7% ▼ 41.3%
Citadel Advisors LLC $69.2M 6.8M 3.3% ▲ 54.7%
State Street Corp $57.2M 5.7M 2.7% ▲ 12.0%
Geode Capital Management, LLC $57.1M 5.6M 2.7% ▲ 9.1%
Arrowstreet Capital, Limited Partnership $52.2M 5.2M 2.5% New
Morgan Stanley $49.5M 4.9M 2.3% ▲ 120.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Freshworks Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $5M 3 trades by 2 insiders, last 12 months Insider sales History → $1.6M 11 trades by 4 insiders · 100% under pre-set plans
Net ▲ $3.4M net buying
Insider Date Trade Shares Price Value
Lawrence Philippa Chief Accounting Officer October 5, 2026 Sell pre-set plan 3,492 $12.98 $45,326
Lawrence Philippa Chief Accounting Officer September 2, 2026 Sell pre-set plan 52,767 $13.25 $699,163
Lawrence Philippa Chief Accounting Officer July 6, 2026 Sell pre-set plan 3,470 $10.13 $35,151
Taylor Jennifer H Director July 2, 2026 Sell pre-set plan 6,618 $10.44 $69,092
Padgett Barry L. Director July 1, 2026 Sell pre-set plan 6,618 $10.49 $69,423
Lawrence Philippa Chief Accounting Officer June 17, 2026 Sell pre-set plan 10,530 $9.18 $96,665
Yamamoto Mika Chief Integr Cust Growth Offcr March 4, 2026 Sell pre-set plan 32,577 $8.45 $275,276
Woodside Dennis CEO & President March 2, 2026 Buy 125,000 $7.95 $993,750
Lawrence Philippa Chief Accounting Officer January 6, 2026 Sell pre-set plan 765 $11.61 $8,882
Yamamoto Mika CHIEF CUST & MARKETING OFFICER December 5, 2025 Sell pre-set plan 15,012 $13.00 $195,156
Lawrence Philippa Chief Accounting Officer December 2, 2025 Sell pre-set plan 5,846 $12.06 $70,503
Lawrence Philippa Chief Accounting Officer November 17, 2025 Sell pre-set plan 644 $12.05 $7,760

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • February 10, 2026
  • November 5, 2025
  • July 29, 2025
  • April 29, 2025

Recent SEC filings

Data status

When each part of this page on Freshworks Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Freshworks Inc. in brief

What does Freshworks Inc. do?
Freshworks Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Freshworks Inc.'s stock ticker?
Freshworks Inc. trades under the ticker FRSH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Freshworks Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Freshworks Inc. reported revenue of $904M, 15.6% higher than a year earlier, according to its SEC filings.
What is Freshworks Inc.'s free cash flow?
Freshworks Inc.'s free-cash-flow margin is 25.9% of revenue over the trailing twelve months, ranking 48 of the 180 application software companies we cover.
What is Freshworks Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Freshworks Inc.'s free cash flow after stock-based pay gives ~$6.8 per share in the base case, and ~$5.7–$8.3 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Freshworks Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Alphabet Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Freshworks Inc. buying back stock, and does it pay a dividend?
Freshworks Inc. spent $367M on share repurchases over the trailing twelve months, and its diluted share count fell 5.5% over the year.
What is Freshworks Inc.'s market cap?
On November 2, 2026, Freshworks Inc.'s market capitalisation was about $4B, with a price-to-earnings ratio of 21.8 and net debt of -$495M. Market figures come from third-party market data and may be delayed.
Who are Freshworks Inc.'s competitors?
In our Application Software peer group, the companies closest to Freshworks Inc. are Coursera, Inc., Sprinklr, Inc., Bandwidth Inc., Q2 Holdings, Inc. and Rapid7, Inc. The side-by-side comparison below sets their revenue, margins and growth against Freshworks Inc.'s.
Are insiders buying or selling Freshworks Inc. stock?
Over the last 12 months, Freshworks Inc.'s directors and officers reported 3 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Freshworks Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Freshworks Inc. announces its own schedule.